Action Comics #1 Sells For $317,200

The super-rare Action Comics number one that was recently put up for auction has sold for $317,200. The 1938 book, graded a 6.0 by CGC, is one of the best condition copies of the 100 left known to exist and was purchased in the early 1950s for 35 cents in a secondhand store.

Sold on ComicConnect.com, the winning bid for the 1938 edition of Action Comics No. 1 was submitted Friday evening by John Dolmayan, drummer for the rock band System of a Down, according to website managers.

Dolmayan, who is also a dealer of rare comic books, said he acquired the Superman comic on behalf of a client he declined to identify.

"This is one of the premier books you could collect," he said in a telephone interview. "It's considered the Holy Grail of comic books. I talked to my client, and we made the move."

Dolmayan said the client has "a small collection, but everything he has is incredible."

Stephen Fishler, co-owner of the auction site said "Maybe in a booming economy, it would have done a hundred grand more, but in this economy, I think the price is great."